Australian firm Recharge Industries has acquired the collapsed battery maker Britishvolt out of administration.

It will initially make batteries for energy storage by the end of 2025 and then provide products for high-performance sports cars.

Britishvolt’s hopes of building a mass-production battery facility for electric vehicles at Blyth in Northumberland came to grief when it ran out of money and failed to win new backing.

Recharge is ultimately owned by Scale Facilitation, a New York-based investment fund and the new owner is committed to retaining the Britishvolt brand.

“What we are bringing is validated technology,” the fund’s Australian chief executive David Collard said.

“The US defence industry has validated it and it is already supplied to the UK navy through a subcontractor.”

Ultimately, he hopes the site will create up to 8,000 jobs on site and in the supply chain.

The UK currently has only one Chinese-owned battery plant, which is next to the Nissan factory in Sunderland.

Scotland-based AMTE Power is planning a battery megafactory in Dundee and will update its plans for a gigafactory when it announces its latest financial results next month.